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Financial freedom is more attainable today than it was a decade ago. Yet, more and more people are drifting to poverty every day. The poor seem to be getting poorer and the rich getting richer. Living rich is a possibility, so is dying poor. The road to financial freedom is not like the Yellow Brick Road. It entails more than signing up for newsletters or simply wanting to be rich. If you want a transformation in your life, if you don’t want to die poor then you have to stop doing these things.

1. Financial Self-Denial

Self-denial is a coping mechanism our minds create when we’re faced with tragedy or when we have to deal with an unpleasant situation. Financial self-denial is simply not accepting (or not wanting to accept) your financial situation. It is seeing your money with rose-coloured glasses.

You’re in financial self-denial when you;

  • try to put money and finances out of your mind.
  • avoid talking about money with family and friends.
  • avoid opening bank statements.

Research has proven that many people would rather bury their head in the sand than identify the root of their money problems. You can’t go anywhere if you do not even know what is stopping you from moving. Humans are designed to enjoy comfort but money hates comfort. If you do not accept whatever your financial situation is and if you do not work towards transforming it, then you most assuredly are not far from poverty.

2. Waiting For Luck

The rich are not just lucky people. Yeah, you might say that they are “LUCKY”. They’re lucky enough to have the brains to think big, work hard and diligently, and pursue their dreams. So you see, making money is “LUCK” but not the kind that does not appreciate hard work, diligence, persistence, or thinking big which are all ingredients of success. Just like Benjamin Franklin puts it; “Diligence is the mother of good luck”.

Success honours principles. So if you feel one day you’ll get lucky and hit the jackpot, you might. But hitting a jackpot is not attaining financial freedom. These are two different things. Don’t wait around for luck, it may never come. Spending years waiting on luck without working towards attaining your financial dreams would leave you depressed and most likely broke, because like I said, luck may never come. That’s why many die poor. Remember that opportunities come only if you are ready for them.

3. Dwelling On Past Mistakes

Dwelling on past mistakes is not good for your mental health, as much as it is bad for your financial success. It will only limit your growth. We’re all imperfect beings so we are bound to make mistakes and that is okay. A mistake only becomes stupid if we don’t let it go. Maybe you made a bad investment or maybe you didn’t take advantage of a good situation, or maybe you spent all your money on irrelevant things. Blaming yourself and not moving forward would cost you your wealth. No rich man was made in one day. Robert and Kim Kiyosaki were 1 million dollars in debt when they decided to do something about their situation. Because they didn’t let their mistakes define them, today they are not only stinkingly rich, they’ve helped thousands to be financially free. 

4. Self Deprivation

In some sense, self-deprivation is good. Dieting, fasting, even budgeting are all good ways of depriving self. But when you move to the other side of the coin, you see a lot of damage self-deprivation can cause to your money life. That I can’t afford it mentality many of us have, is a giant lie we tell ourselves and others. Saying “I can’t afford it” programs your brain to be lazy, hence things will only get worse. Instead, ASK “how can I afford it?” That way, your brain is put to work and will find the solution on the way forward. I hear tons of people say they can’t afford to invest, or start up a new business and I’m always shocked. Why? Because you can! Why do you good debt, financial plan, business plan, angel investors, and many other financial tools exist? These tools are there so that you can always do what you need to get yourself closer to financial freedom. Again, more reason why you NEED financial education; that’s the purpose of

5. Laziness

Action always beat inaction. The primary reason why a lot of people would die poor is that they are lazy! Lazy about learning, lazy about planning, lazy about investing, lazy about money. The Holy Book says “A nap here, a nap there, a day off here, a day off there, sit back, take it easy – do you know what comes next? Just this: You can look forward to a dirt-poor life, with poverty as your permanent houseguest!” Which means a lazy man today will definitely be a poor man tomorrow. If you’re lazy, you’ll die poor.

I want you to examine yourself and your financial life and identify every problem with your habits and your attitude towards money. Knowing the problem is the first step to solving it. However, “information does not cause transformation”( JW Wilson ). You actually have to work to transform your life. Like I said, living rich is a possibility, so is dying poor. It is up to you to decide which you want.

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